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China Looks to Ensure Comprehensive Individual Income Tax Liability Disclosure

In order to streamline the comprehensive implementation of the Individual Income Tax Law, which came into effect as of 1 January 2019 this year,  the General Office of the National Development and Reform Commission and the General Office of the State Administration of Taxation have jointly issued a Circular on Strengthening Credit Building for the Payment of Individual Income Tax (Fa Gai Ban Cai Jin Gui No. 860 [2019]).

Among the key aims of the Circular are the following:

  • Promoting transparency and full disclosure with regard to personal income tax returns
  • Enhancing the available personal tax liability tracking mechanisms
  • Establishing a system for identifying false or incomplete personal tax return data
  • Refining the reward / penalty mechanism with regard to fostering due tax liability disclosures
  • Guaranteeing the confidentiality and security of all supplied data
  • Ensuring tax reductions are properly allocated to those duly entitled

Source: National Development and Reform Commission

Content provided by Picture: HKTDC Research
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